The People's Bank of China is mainly responsible for issuing the Renminbi and administering its circulation, in addition to formulating and implementing monetary policy in accordance with Chinese law.
[1] Its counterparts in the special administrative regions of Hong Kong and Macau are the Hong Kong Monetary Authority and the Monetary Authority of Macao respectively, both of which serve as their respective locale's currency board and de facto central bank.
[citation needed] The China Banking Regulatory Commission (CBRC) announced its approval for nine foreign-funded banks to start their preparatory work for setting up local corporations in China on 24 December 2006.
[citation needed] Part of commercial banks in Hong Kong are listed below.
The currency board and de facto central bank of Macau is the Monetary Authority of Macao.